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Post by GGG on Apr 22, 2024 11:40:06 GMT
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Post by erieshore on Apr 22, 2024 13:30:37 GMT
By 'issue to Lab Gold' I assume that means to those of us to own LAB shares, right? If so, that only amounts to less than .12 per LAB share (not allowing for warrants, if they exist). That's a big discount to the current price of .20 CAD. What am I doing wrong? Erie
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Post by erieshore on Apr 22, 2024 13:38:17 GMT
OK, I figured out my mistake. LAB will keep the money so that they can develop their other projects. I won't be getting and NFG shares via my LAB shares. Oh well.
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Post by likeike on Apr 22, 2024 13:48:30 GMT
New Found to Acquire Labrador Gold’s Kingsway Project
NFGC -1.49% Business Wire Mon, April 22, 2024 at 4:30 a.m. PDT·4 min read In this article:
NFGC -1.64%
Figure 1: Location of the Kingsway Project (Graphic: Business Wire) Figure 1: Location of the Kingsway Project (Graphic: Business Wire) VANCOUVER, British Columbia, April 22, 2024--(BUSINESS WIRE)--New Found Gold Corp. ("New Found" or the "Company") (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce that it has entered into a property purchase agreement (the "Agreement") with Labrador Gold Corp. ("LabGold") (TSX-V: LAB, OTCQX: NKOSF, FNR: 2N6) providing for the sale by LabGold to New Found (the "Transaction") of a 100% interest in LabGold’s Kingsway Project (the "Kingsway Project"), located in Gander, Newfoundland and Labrador, as well as certain related assets of LabGold (together with the Kingsway Project, the "Purchased Assets"). As consideration for the Purchased Assets, New Found will issue to LabGold such number of common shares in New Found (the "Shares") equal to CDN$20,000,000 divided by the closing price of the Shares on the TSX Venture Exchange (the "TSX-V") on the last trading day prior to the closing date of the Transaction.
Greg Matheson, COO of New Found, stated: "The acquisition of the Kingsway Project announced today is a significant building block to the district scale potential of the Queensway Project. We recognize the transformative exploration contributions by the LabGold team, making several early discoveries at Kingsway, and we look forward to continuing exploration and drilling aimed at unlocking its full potential. Kingsway today is reminiscent of Queensway when New Found acquired the project back in 2016 with numerous early discoveries and large swaths of underexplored structures that later evolved into significant mineralized zones. We like to think that Kingsway is entering its discovery phase.
"The combined projects have over 20km of strike length along the Appleton Fault Zone, which more than doubles the existing strike length currently within the Queensway North project. Our exploration and operations team at New Found is well suited to explore this geological domain and mineralization style and we expect to unleash that expertise in realizing the potential at Kingsway."
Kingsway Project Details
The Kingsway Project contains 311 mineral claims covering 7,775 hectares and adjoins New Found’s Queensway Project (the "Queensway Project") along several borders (see Figure 1).
The Kingsway Project contains many similar geological characteristics to the Queensway Project including over 12km of presumed strike length along the Appleton Fault Zone ("AFZ").
Exploration over the past several years by LabGold has resulted in several high-grade gold discoveries including Big Vein, Pristine, and Golden Glove that display similar mineralizing styles to the Queensway Project.
Project Synergies
New Found’s base of geologic knowledge of the central Newfoundland Gold Belt and the AFZ will be applied to the Kingsway Project to expand on existing discovery areas and to identify additional mineralized zones.
The combined projects offer increased potential to solidify the district scale nature of the Queensway Project, with the additional 12km of strike along the AFZ lending the ability to identify and build upon additional zones of mineralization.
New Found is well capitalized and has significant exploration infrastructure and an experienced exploration team in place that will allow for efficient exploration that is required to unlock the mineral potential at the Kingsway Project.
Details of the Transaction
The Transaction requires the approval of 66 2/3% of the votes cast by holders of common shares of LabGold at a shareholder meeting to be called by LabGold. In addition, the Transaction is subject to customary closing conditions, including the approval of the TSX-V. It is anticipated that the closing of the Transaction will occur in the third quarter of 2024.
The Agreement includes deal-protection provisions, including customary non-solicitation provisions, a right for New Found to match any superior proposal, and a termination fee of CDN$500,000, payable by LabGold, in customary circumstances. Directors, officers and certain shareholders of LabGold, owning approximately 2.35% of LabGold’s common shares have entered into voting support agreements pursuant to which they have agreed to vote all the LabGold shares they own, or control, in favour of the Transaction.
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Post by erieshore on Apr 22, 2024 15:18:12 GMT
Don't know why I'm so dumb today. Selling their Kingsway property doesn't give LAB 20 million, just that much in NFD shares. with a 4 month hold period. I wonder if they will hold the NFG shares after the hold period. Hope so.
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Post by suregold on Apr 22, 2024 16:22:59 GMT
The transaction will not close until after Sept 1
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Post by likeike on Apr 23, 2024 20:41:53 GMT
Comment by nozzpackon Apr 23, 2024 3:53pm 20 Views Post# 36003879 RE:Why not Hope Brook or Cape Ray ? I own whacks of NFG shares , perhaps more than most posting here .
I like the velocity of my investment not to be impaired by Management placing their own wealth prerogatives ahead of shareholders .
But, that is obviously the case here, as already implified by the earnings income of CK.
Clearly, he does not have the common sense that his main priority is increasing the net wealth of his shareholders ....and not his own.
Kingsway has no significance to QW gold resource and cannot be produced for a decade or more, as its Primary Evaluation is that it is at best, only a minor adjuvant to Keats or Iceberg resources .
So why impair the velocity of mining Keats by wasting shareholder equity on what May eventuate as moose pasture.
Admittedly, CK investment history is that he likes grazing in moose pasture ..
IKE HERE in my opinion this Nozzpack feller has it wrong on a lot of different levels.
To begin with Lab property is just an extension of Queensway and just has a lot of overburden on it compared to elseware.
I believe this is why their drill results have been less than stellar but seismic may be more than the answer but not an
expense or expertise that LAB could pay up for.
Nozzpak should give up his fixation with Collin's salary that most believe is well worth every penny.
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Post by likeike on Apr 24, 2024 3:20:37 GMT
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Post by likeike on Apr 24, 2024 15:16:38 GMT
Kingsway Project Details The Kingsway Project contains 311 mineral claims covering 7,775 hectares and adjoins New Found’s Queensway Project (the “Queensway Project”) along several borders (see Figure 1). The Kingsway Project contains many similar geological characteristics to the Queensway Project including over 12km of presumed strike length along the Appleton Fault Zone (“AFZ”). Exploration over the past several years by LabGold has resulted in several high-grade gold discoveries including Big Vein, Pristine, and Golden Glove that display similar mineralizing styles to the Queensway Project. Project Synergies www.streetinsider.com/Business+Wire/New+Found+to+Acquire+Labrador+Gold%E2%80%99s+Kingsway+Project/23093824.html
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Post by likeike on Apr 26, 2024 13:40:17 GMT
When Acquisition Candidates Become Acquirers Things are heating up
JOHN RUBINO APR 25, 2024 ∙ PAID Normally, when you buy shares of a gold explorer, you hope for the following: The explorer keeps finding more gold and eventually publishes a maiden resource that attracts the attention of big miners in need of high-quality reserves. One of the latter then buys your explorer for a serious multiple of what you originally paid.
But sometimes it goes a different way, as when explorers leverage their growing but as yet unconfirmed resource to buy other properties. Because this involves the dreaded “dilutive financing” it risks spooking existing investors and (at least temporarily) tanking the stock. But not always.
In just the past week, two of our most successful explorers announced acquisitions. But instead of tanking, both stocks jumped. The implications are very interesting.
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Post by likeike on May 1, 2024 17:16:05 GMT
@novo2018 Here is motivation. If there is a splay to the northeast which crosses Exploits' Bullseye property and then crosses Lab Gold's property it might be identifiable in the 3D seismic data. The Keats Baseline Fault Zone is the splay that includes Iceberg and Iceberg East, and maybe Iceberg Alley. Just that relatively small area could be worth quite a bit.
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